Quote:
Originally Posted by holdemnuts
Take it easy on a new guy please...
I will apologize upfront if these questions have been covered numerous times. I scanned the last two pages, but figured making a post might get me to answers I am looking for.
1. I saw a comment about coinbase shutting down accounts if they use it to fund for poker. What about withdraws from poker sites to coinbase...or perhaps a better option?
2. What about GDAX. I have no money on there, but am reading that they and Coinbase are connected. So if you were going to withdraw money from ACR would the best route be to send funds to GDAX and then transfer from GDAX to coinbase (I have my bank account tied to coinbase, but not GDAX so would make sense for me to eventually get my money back to coinbase)
3. When you request a bitcoin withdraw does that lock in at whatever the current price is? As I write this the current bitcoin price is 6500. If I would request a w/d right now and in the next few days the price went below that number would I get less money?
I am a USA player for what it is worth...and as mentioned above accept my apologies if these questions are terrible/lazy. Thanks for the time!!
Dude, I know how you feel and I was just as lost as you were a few days ago but I've been researching about crypto ever since. To answer your questions:
My understanding is that it's not safe to send from coinbase directly to ACR. The best option is to get another wallet, a "middle man." Also, coinbase and gdax are basically the same company. So you have to treat gdax as unsafe to fund ACR as well.
So to deposit, buy with coinbase/gdax, transfer to another wallet (I set up one with Electrum), THEN send to ACR. To withdraw would be the process in reverse (ACR->wallet->coinbase/gdax->bank account).
And I wondered about the last question as well. I called ACR and asked and the rep said when you're ready to deposit, let's say $500 for .000034 BTC, that price is locked in for 15 minutes. So I guess you have 15 minutes to buy BTC, transfer to wallet, transfer to ACR. Not sure how that would work with withdrawals. I hope it's the same way.
Hope that helps.